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|Winnebago Industries Reports Results for Fourth Quarter and Fiscal 2012|
-- Fourth Quarter Operating Income Increase of 270 Percent--
FOREST CITY, IOWA, October 11, 2012 - Winnebago Industries, Inc. (NYSE:WGO), a leading United States (U.S.) recreation vehicle manufacturer, today reported financial results for the Company's fourth quarter and fiscal year 2012.
Revenues for the fourth quarter ended August 25, 2012 were $162.5 million, an increase of 24.5%, versus $130.5 million for the fourth quarter of Fiscal 2011. Included within consolidated revenues for the fourth quarter of Fiscal 2012 was $15.8 million associated with towable products, compared to $7.8 million for the fourth quarter of Fiscal 2011. The Company reported an operating income of $6.5 million for the quarter, versus $1.8 million for the fourth quarter of Fiscal 2011. Net income for the fourth quarter of Fiscal 2012 was $40.9 million, or $1.41 per diluted share, versus $3.5 million, or $0.12 per diluted share for the fourth quarter of Fiscal 2011. A tax benefit was recorded in the fourth quarter of Fiscal 2012 due to a $36.9 million reduction in the valuation allowance on deferred tax assets that was established in Fiscal 2009. Excluding the non-cash tax benefit of the reduction in valuation allowance, net income for the fourth quarter of Fiscal 2012 was $4.0 million or $0.14 per diluted share.
The fourth quarter of Fiscal 2012 as compared to the fourth quarter of Fiscal 2011 was positively impacted by increased motor home deliveries and improved gross margins due to better fixed cost absorption.
Revenues for Fiscal 2012 were $581.7 million, an increase of 17.2%, versus revenues of $496.4 million for Fiscal 2011. Included within consolidated revenues was $56.8 million associated with towable products, compared to $16.7 million for Fiscal 2011. The Company reported operating income of $9.5 million for Fiscal 2012, versus $11.3 million for Fiscal 2011. Net income for Fiscal 2012 was $45.0 million, or $1.54 per diluted share, versus $11.8 million, or $0.41 per diluted share for Fiscal 2011. A tax benefit was recorded in the fourth quarter of Fiscal 2012 due to a $37.7 million reduction in the valuation allowance on deferred tax assets. Excluding the impact of the non-cash tax benefit of the reduction in valuation allowance, net income for Fiscal 2012 was $7.3 million or $0.25 per diluted share.
"The dramatic increase in our sales order backlog reflects the positive dealer response to our new 2013 model year products," said Potts. "As a result of the improved demand, we ramped up production throughout the fourth quarter. We will continue to increase production during Fiscal 2013 to meet the growing demand for our products."
During the fourth quarter of Fiscal 2012, the Company repurchased 592,000 shares of the Company's common stock for $6.3 million at an average price of $10.57. "We believe the timing was right to repurchase shares and in the best interest of our shareholders, allowing us to enhance shareholder value this past quarter," said Winnebago Industries' Vice President, Chief Financial Officer Sarah Nielsen.
On a forward-looking basis, Fiscal 2013 is a 53-week year and includes a 14-week first quarter.
About Winnebago Industries
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements, including, but not limited to increases in interest rates, availability of credit, low consumer confidence, significant increase in repurchase obligations, inadequate liquidity or capital resources, availability and price of fuel, a slowdown in the economy, increased material and component costs, availability of chassis and other key component parts, sales order cancellations, slower than anticipated sales of new or existing products, new product introductions by competitors, the effect of global tensions, integration of operations relating to mergers and acquisitions activities and other factors. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or from the Company upon request. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contact: Sheila Davis - PR/IR Mgr. - 641-585-6803 - firstname.lastname@example.org